On July 31, 2019 BioInvent International AB ("BioInvent" or the "Company") (OMXS: BINV) reported that Pfizer Inc. ("Pfizer") (NYSE: PFE) has selected the first target under the companies’ cancer immunotherapy research collaboration and license agreement, into which the companies entered in December 2016 to develop antibodies targeting tumor-associated myeloid cells (Press release, BioInvent, JUL 31, 2019, View Source [SID1234537949]).

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The selection of a target triggers a payment from Pfizer to BioInvent of $300,000. Under the terms of the 2016 agreement, potential selection and development of antibodies directed against this target, as well as potential selection of further targets and development of antibodies directed at them, would allow BioInvent to be eligible for further milestone payments.

Martin Welschof, CEO of BioInvent, said: "Selection of this first target shows that our collaboration with Pfizer is successfully progressing. We believe this is an important validation of our F.I.R.S.TTM technology platform, which is a patient-centric approach allowing for the discovery of human antibodies and targets using our high-quality n-CoDeR antibody library."